https://www.taxtmi.com/caselaws?id=37463 The High Court allowed the deduction of a capital loss incurred by a partnership firm in a failed industrial project for the assessment year 1968-69. The court upheld the loss as a capital loss of the firm, considering the acquisition and extinguishment of a capital asset, including land and a licence, as eligible for allowance under the Income Tax Act. The court concluded that the loss was suffered by the firm based on evidence from account books and affidavits, ultimately ruling in favor of the assessee on all issues presented. en-us Mon, 26 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 10:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37463 The High Court allowed the deduction of a capital loss incurred by a partnership firm in a failed industrial project for the assessment year 1968-69. The court upheld the loss as a capital loss of the firm, considering the acquisition and extinguishment of a capital asset, including land and a licence, as eligible for allowance under the Income Tax Act. The court concluded that the loss was suffered by the firm based on evidence from account books and affidavits, ultimately ruling in favor of the assessee on all issues presented. Case-Laws Income Tax Mon, 26 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37463